EnBW CEO Mastiaux to step down in 2022

FRANKFURT, June 25 (Reuters): EnBW's Chief Executive Officer (CEO) Frank Mastiaux will not renew his term in office when his appointment ends on September 30 next year, the German utility said on Friday, citing personal reasons.

The supervisory board regretted Mastiaux' step but would undertake to find a successor in good time, the company said in a statement.

Mastiaux has led southwest German EnBW since 2012, transforming a nuclear and coal generation firm into one based on renewable power and new growth areas such as electric mobility.

He had previously led the renewable and international units of sector peer E.ON.

The mainly publicly-owned EnBW has opted to renew its regulated transmission networks that form a backbone for renewable power transport and digital utility services, but chose not to restructure operations completely as E.ON and RWE did in their shake-ups.

Prior to the utility engagements, 57-year old Mastiaux worked at oil company BP after BP bought Veba and Aral where he had also previously served.

EnBW, with a customer base of 5.5 million, is in the midst of spending 4 billion euros ($4.8 billion) on the further expansion of wind and solar energy and in fuel switch activities by 2025.